Bquat's Account Talk

[Bquat]

I don't see a DCB. I think this plays into your charting very nicely. Good luck getting to a good stop in time!

Dip did get bought right after the gap fill, but bounced only to 1% decision point and failed.:worried: Now it looks like it formed a descending triangle with 1640 acting as resistance. Your 1636 didn't even act as support on the way down or as support for a high base after the dip. I may be wrong but I think when it doesn't bounce back 1.30% it's like a DCB. So what now? 1623 holds, 50 day at 1606ish or double bottom at 1601. I show my guess but tomorrow is another day. We're still above 1623 and I have the whole morning to decide. 1584 is within or purview and the fear of 1540 is not out of range. Remember bear begets more bear. better to have heads up on the risk.:worried:

 

[Bquat]

Well, according to futures this was not a descending triangle.:embarrest: Too short of time frame. I guess on the bottom the double bottom prevails. Well if this is a head test and we passed it, I should enter today. Break 1540 and I'm getting in. I still don't think I would not of entered yesterday with the weakness after the pattern because it never got back up to1648. I guess I still second guess myself too much. I still believe missing gain is better than risking loss. The weekly is still weak to bearish. And so we watch for the 1% decision, that's if it happens pre-deadline.

 

[Bquat]

Cleaner chart to watch the action:

 

[Bquat]

I'm not seeing the strength needed for the IHS.:worried:

 

[Bquat]

1638 seems to be bear sell the peaks line. Do you think we're breaking down?:worried: Futures had me convinced it was going the other way and I was watching 1640 for confirmation.

 

[Bquat]

Let me know if I'm confusing you. Sorry if I am. Things are changing on the fly. Luckily is way prior to deadline.:toung:

 

[Bquat]

Which way will it go: We are coiled.

 

[Mcqlives]

1638 seems to be bear sell the peaks line. Do you think we're breaking down?:worried: Futures had me convinced it was going the other way and I was watching 1640 for confirmation.

I don't like how the 1638 mark is playing out either. I hope that we just are getting the double test of your 1623 and we climb from here. 45 minutes to decide.

 

[Bquat]

I don't like how the 1638 mark is playing out either. I hope that we just are getting the double test of your 1623 and we climb from here. 45 minutes to decide.

So far that's what it looks like but no entry is winning so far. Bottom of ascending triangle continuation pattern held.:worried: We'll see. 45 min. Another test of the 50 day may be coming.

 

[Bquat]

Wow the break down before the deadline.:worried:

 

[Bquat]

So what is the confusion? Failed bull flag (Light Blue), Failed IHS after filling gap (green), Failed Double Bottom changes into Descending Triangle (yellow) and finally a Bear Flag is being fought while trying to make the Bull Flag IHS both good again. So tonight I try to figure which will win.:cheesy:

 

[Mcqlives]

So what is the confusion? Failed bull flag (Light Blue), Failed IHS after filling gap (green), Failed Double Bottom changes into Descending Triangle (yellow) and finally a Bear Flag is being fought while trying to make the Bull Flag IHS both good again. So tonight I try to figure which will win.:cheesy:

I hope you can...1615 and 1610 were not lines I had even looked at as points of resistance.

 

[Bquat]

Ok, the blue lines can be defined as a Bull flag. The pattern supporting the blue lines can be defined as a V top.:worried: The yellow channel is a Bull flag for the purple channel. We can still pass the head test if the 50 day holds and 1602 to 1596 scares me if they don't hold.:notrust: Being within the yellow channel, making our projected down from the descending triangle and being about 5% down from our 1687 peak, I'm hoping for a bullish move. Comments welcomed.

 

[Bquat]

I hope you can...1615 and 1610 were not lines I had even looked at as points of resistance.

1610 larger channel bottom, 1608ish 50 day moving average drawn in, 1602 double bottom and 1596 is 61.0 Fib retracement from last higher peak. We are bottom feeding with hope. Were right at the 50 Fib. Ret. Need to pop and go.

 

[Bquat]

1602.65 is 5% down from 1687. Do you guys think it's enough?

 

[RealMoneyIssues]

The SPX closed at the LOD, bounced off the daily 50MA and the 50% fib retrace from the 5/22 high, along with a TL from the Nov 2012 bottom.

I am thinking there is a bounce tomorrow, but what do I know

A gap open below the 50MA tomorrow is really bad. At that point 1540 is probably the initial destination with a brief pause at 1580.

GLTA

 

[Bquat]

Thanks RMI that larger time frame helps too. I'll gander at it.

 

[RealMoneyIssues]

Oh, I didn't have it up, but apparently it it the bottom BB too...

Only time will tell

 

[Bquat]

Oh, I didn't have it up, but apparently it it the bottom BB too...

Only time will tell

Well Christian is making me nervous and doesn't agree we'll bounce back up.:worried: Nightly Market Videos Just a heads up. He thinks we're in a bear market and may expect the 20 to cross the 50 in the $EMW. That follows the S fund right.

 

[RealMoneyIssues]

Well Christian is making me nervous and doesn't agree we'll bounce back up.:worried: Nightly Market Videos Just a heads up. He thinks we're in a bear market and may expect the 20 to cross the 50 in the $EMW. That follows the S fund right.

Yes, but Christian has been a bear for a few weeks now. He also said we could pop back up to test the 5/22 highs. So, tomorrow is important.

If we bounce and stay up, great. If the next day closes higher, better (aka confirmation of the move).

If however, we bounce but drop back down... well, don't go long anything...

The 50MA is important support and a line in the sand. If you are on the sidelines, stay there.

FYSA, I am bearish, but I could see a 1-3 day bounce from here (maybe going near 1650, but not above)... From there, the next hit of the 50MA or the TL will be like a knife slicing through butter... especially if there is a pause day just above that area...

Only time will tell...